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California Real Estate Near Peak Prices NAR Reports What Next
FHA is available however the revised minimum is 3.5 percent down and conditions are now very strict. Loans are being approved only for those borrowers with exceptional credit and meeting strict conditions.
California in particular is within 10 percent of peak prices in most major metros such as San Francisco Bay Area and several Southern California markets. The California markets benefit significantly with relatively high incomes (increasing affordability) compared to the rest of the nation and the high desirability to reside in the state.
Furthermore, the Bay Area real estate market benefited hugely from the influx of money coming in from international buyers during the rebound phase of the market. Those investors propped up the market, which created confidence for other buyers and the result was a nice healthy correction over that last 20 months. Most international buyers came in as cash buyers and they tend to be long term investors as California real estate is a great investment, providing excellent cash flow and long term equity growth.
Home price trajectory in the East Bay market shows we should push past the peak by 2015. Prices next year will be on an upward trend, albeit at a slower pace than 2012-2013. What we've seen in the past two years is what I termed the "hyper correction" and that surge in pricing should start tapering off a bit. (Click this link for NAR full story)
To view all active homes in the East Bay, you can go to: http://www.LiveMLS.com/
Kevin R Kieffer, Broker / Team Leader for The EastBayPro Team with offices in Danville & Walnut Creek and has team members serving the entire East Bay market